The Aviva Lump Sum Max lifetime mortgage allows for a one-time lump sum payment with a fixed rate of interest for the lifetime of the loan. There are no repayments necessary with this product and payment isn’t due until the property is sold, which typically takes place when the homeowner passes away or moves into permanent long term care.

Aviva is a trusted lender with a number of different products and services for retirees. Aviva has been awarded a series of awards including the Best Equity Release/Lifetime Lender and the Best Protection Provider. The Aviva Lump Sum Max offers homeowners several unique features while also providing a one-time lump sum payment with the option to borrow more in the future.

There are several unique features to the Aviva Lump Sum Max, including:

• Voluntary partial repayments. There is the option to make voluntary payments with this product without incurring any early repayment fees or charges. There is an allowance for up to four repayments each year and up to 10% of the amount borrowed can be paid back each year. The minimum amount that can be paid in each of these installment payments is £500.

• Fixed interest rate. The interest rate following any application is held constant for 14 weeks.

• No required payments. While voluntary payments are allowed with this product, there are no payments necessary

• Enhanced Options. This product offers different rates for its enhanced version. So, some homeowners may qualify for a higher loan-to-value rate or a lower equity release interest rate based on certain health conditions or lifestyle choices.

• Future borrowing. Depending on future lending criteria, some homeowners may qualify for additional borrowing in the future.

• No negative equity guarantee. This feature essentially means that the homeowner will not be responsible for paying back more than the home is worth. That means that once the house is sold, if it is sold for less than what is owed, the estate will not be left in the negative, provided the house was sold for a reasonable price.

• Inheritance guarantee. This product allows homeowners to safeguard a percentage of the sale price of their home for an inheritance. This means that even while taking advantage of this product, homeowners are still able to leave something behind to their beneficiaries. Choosing to add the inheritance guarantee can mean that interest rates are affected as well as how much can be borrowed. The inheritance guarantee cannot be added at a later date. Instead, it has to be chosen at the outset of the equity release loan.

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Information provided is based on lifetime mortgage UK and home reversion UK plans. To understand the features and risks of equity release schemes please ask for a personalised illustration.